The Captains Chest - Naked Trading & Other Stuff

[Reaper]

Hey CJ, would you say the up move for GBPJPY is done for the day and its time for it to print an M, fall a little bit and back into accumulation mode?

I think there's one on the 5min

It's made a nice rise...lots of pins to the high and it's near the high ADR... worth a shot...set SL 10 above the high pin...

CJ

I guess the move isnt finished.

[Captain Jack]

Many moves within a bigger move, will you catch them all?

My lines might not be exactly right but you get the picture...

Looks like something I once saw at a Pink Floyd concert....

CJ

[Captain Jack]

An M is un upside down W and a W is an upside down M. I hope this helps

I get that Jemook, but when you have a M formation going straight into a W formation going back into another M formation going back into another W formation its hard to see are you trading the M or the W right now...

I understand to go back to the higher TF and that will help but CJ was saying that moves happen in 3 (excl stop hunt move). CJ, Can you touch upon this a little more? Is it always 3? Never 4?

Cheers

What chart and time frame is this?

CJ

[Captain Jack]

An M is un upside down W and a W is an upside down M. I hope this helps

I get that Jemook, but when you have a M formation going straight into a W formation going back into another M formation going back into another W formation its hard to see are you trading the M or the W right now...

I understand to go back to the higher TF and that will help but CJ was saying that moves happen in 3 (excl stop hunt move). CJ, Can you touch upon this a little more? Is it always 3? Never 4?

Cheers

In my opinion the second down leg of your W is wrong. I'd have drawn it like this:

tri-sexualmove.jpg

That's what I was thinking but to little info in that pic to determine anything....

CJ

[Captain Jack]

Its such a gift to be able to learn from someone who has truly mastered the game. Thank You!

Thanks for the compliment but I'm learning every day. The day you "think" you have it mastered is the day the fox takes all your chickens!

Cj

[Captain Jack]

EJ scalp idea ?

- Touched yesterday High
- Strongly broke asian range to the upside at london open to load longs
- Pin bar in M15 - (almost RRT 3min later - not in screenshot)

Does that mean, the low will be retested today ? A 100pips move ?

Nice catch Lio. Anytime those pins hit a level like that and fall back, it's a good indication of stops being hit to lock traders in at that level. If they want longs locked there, then long isn't the right side.

The reversals usually happen during the NY session, where it may retrace and then pull back into the range...

CJ

Unfortunately both got stopped at be.
What is your sl & profit level for setup like this ?
One of my bad habits is sometime targeting too big tp's and so stopped at be.

On the 15M time frame, 50 pips is a good target. It all depends on the weekly cycle and the 3 day cycle. When you locate the pairs position in the cycle, you have the possibility of taking a 2-3 day trade which could be 100's of pips.

SL is always about 10 pips above or below the pin + your spread. I don't set. If you do, wait for price to pull away from the pin a few candles otherwise the broker could spread the bid/ask and trip it. I had one stop out last night when the broker blew the spread out to 18 pips and hit it. It was a very small account on a new broker so I don't think anymore will be going there.

CJ

[Captain Jack]

Hey CJ, would you say the up move for GBPJPY is done for the day and its time for it to print an M, fall a little bit and back into accumulation mode?

I think there's one on the 5min

It's made a nice rise...lots of pins to the high and it's near the high ADR... worth a shot...set SL 10 above the high pin...

CJ

I guess the move isnt finished.

I think you are seeing price top out and getting ready to drop back into the range session.

CJ

[lhDT]

I just shorted the cable pin on h1.
Got two nice bearish M15 candles with almost no wick confirming sellers are back on track after a strong push up.
Comments welcome.

PS : Hope it is good, I've just read that in the Al Brooks book

[Kruspe]

I took today one GU trade... I attach it here. Could you CJ (or anybody) pls comment it.

[Reaper]

Sorry CJ, I forget which pair it was now.